Your Nest Egg – Required Or Desired?

Are you facing retirement without your desired nest egg? One way to address the deficit is to decide that you are going to work longer or that you will retire but have a part time or side income.

Of course the other option is to see if your desired nest egg is really your required nest egg. Is it what you have to have saved in order to live, or what you want to have saved in order to live like you’d like to?

The key thing to remember when it comes to many retirement decisions is that you do have options. Whatever you decide to do, it’s your choice.

While most of us wouldn’t choose to spend our social security check on wine and live in a cardboard box, that is an available choice. By the same token, many of us would not choose to work full time as long as we possibly can and blow our whole social security income on one grand vacation a year, but that is a choice as well.

Some people feel they can live on $20,000 a year and some would feel strapped if they had to scrape by on $100,000. It’s pretty obvious that the difference is a matter of lifestyle and expectations. In other words it is largely a difference in attitude.

It is important to remember that most of these decisions are yours to make. It was the decisions you made in your life that brought you to this point. It is the decisions you make daily that will have an impact on how much you can save before you retire. It is your decision to decide when to retire and how that choice will impact your lifestyle. And it is ultimately your choice how you want to feel about and deal with all of those decisions.

So if you want to retire when you are 62 with a million dollars in the bank and that is not possible, you can whine about it and feel put upon, or you can choose what to do about it.

To start with, if you are like the majority of Americans retiring today, you have virtually no savings and no possibility of putting a million dollars in the bank before you retire. So put that out of your head. You had your chance and you blew it just like the rest. Own it, deal with it and move on.

Now your choices are to do the best you can with what you have in front of you. You can cut your expenses to the bone, save as much as you can and work until you are 70 in order to max out your social security benefits and live the best retirement you possibly can.

Or you can keep on the way you have been, save virtually nothing and retire when you are 62. Your choice.

Now understand that I don’t have a dog in this fight. Either one of those choices looks acceptable to me. Working hard for more years and then packing in the fun while you can sure looks good. But retiring early, downsizing and spending more years in quiet pursuits has it’s attractions as well.

The point is that those two options as well as everything in between and hundreds of options besides are all available to you. You get to choose. Pick your best choice and stop wasting emotional energy on what could have been.

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